The west’s leading economic thinktank has sharply upgraded its forecasts for global growth this year as a result of successful vaccine programmes and fresh stimulus packages to combat Covid-19.
In an interim outlook, the Paris-based Organisation for Economic Co-operation and Development said it expected the world economy to expand by 5.6% this year – up from 4.2% three months ago – and to recover the ground lost since the start of the pandemic by the middle of the year.
The US will see the most improved performance of the leading developed nations, in part due to the planned $1.9tn (£1.4tn) of tax cuts and spending increases that form the centrepiece of Joe Biden’s economic recovery plan.
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